& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.16\sym{***}&    -0.01         &     0.06\sym{***}&     0.15\sym{***}\\
                &   (0.02)         &   (0.01)         &   (0.02)         &   (0.02)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.36         &     0.25         &     0.04         &     0.25         \\
                &   (0.26)         &   (0.23)         &   (0.21)         &   (0.27)         \\
                &   [0.21]         &   [0.59]         &   [0.84]         &   [0.34]         \\
\midrule DV Mean&     0.16         &     0.05         &     0.04         &     0.10         \\
FS F-statistic  &     24.0         &     24.0         &     24.0         &     24.0         \\
\midrule
$\rho$(Wealth, DV)&     0.37&     0.03&     0.23&     0.43\\
\midrule
Observations    &     4542&     4542&     4542&     4542\\
